Adani Group chairperson Gautam Adani has declared that a “cloud” hanging over the conglomerate for more than two years has finally been lifted, after the Securities and Exchange Board of India (SEBI) cleared the company of allegations made by US short-seller Hindenburg Research in January 2023.
In a message to employees, Mr Adani described the episode as an “agnipariksha” (trial by fire), acknowledging the strain it caused to workers and their families. He urged them to see the controversy as the spark that built “a greater Adani.”
SEBI clears Adani of wrongdoing
Last week, SEBI said in two separate orders that it had found no evidence to support Hindenburg’s claims of related-party transactions, stock manipulation, or funds being routed through offshore entities. The regulator concluded that the transactions flagged in the report did not qualify as related-party dealings under Indian law.
“SEBI’s comprehensive investigation has concluded by rejecting all allegations contained in the Hindenburg report from January 2023,” Mr Adani said, as per news agency PTI.
From crisis to resurgence
The Hindenburg report triggered a dramatic sell-off in Adani stocks, erasing over $150 billion in market value at the time. The group strongly denied the allegations, calling them “selective misinformation.”
Despite the turmoil, Adani highlighted how the company continued to expand. “While the world debated about us, our ports expanded, transmission lines stretched farther, power plants ran reliably, renewable projects continued to green the world, airports advanced, cement furnaces fired away, and logistics teams delivered flawlessly,” he said.
Calling the episode a “targeted, multidimensional assault,” Mr Adani said the group’s resilience under pressure proved its character to be “simply unbreakable.”
Symbolism of the Gandiva bow
Delivering his message against a digital backdrop of the Gandiva bow from the Mahabharata, Mr Adani drew a parallel with Arjuna’s divine weapon in the Kurukshetra war, symbolising strength, focus and divine purpose.
Focus on transparency and growth
Looking ahead, Adani outlined the group’s priorities: uncompromising transparency, accelerated innovation in energy and infrastructure, and building a lasting legacy. “We must build not for today’s applause but for a legacy that endures for decades. Headlines fade, but what we create must leave its mark on history,” he told employees.
He emphasised that “integrity and transparency must remain the foundation of everything we do — inseparable, uncompromising, and safeguarded relentlessly.”
Market recovery and global backing
Over the past year, Adani companies have regained market value, supported by global investors such as GQG Partners and Abu Dhabi’s International Holding Company, along with debt reduction measures. Adani Enterprises shares have risen more than 80 per cent year-to-date, significantly outperforming the Nifty 50 index.
Conclusion
Signing off with “Satyameva Jayate, Jai Hind,” Gautam Adani said he hoped history would remember the last three years not for the controversy, but as the turning point that fuelled the Adani Group’s transformation.